SMEAX vs. VSCPX

Last updated Aug 1, 2026

SMEAX (Invesco Small Cap Equity Fund Class A) and VSCPX (Vanguard Small-Cap Index Fund Institutional Plus Shares) are both Small Cap Blend Equities funds. Over the past 10 years, SMEAX returned 10.20%/yr vs 10.96%/yr for VSCPX. Their 0.97 correlation means they have historically moved very closely together. SMEAX charges 1.22%/yr vs 0.03%/yr for VSCPX.

Performance

SMEAX vs. VSCPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Small Cap Equity Fund Class A (SMEAX) and Vanguard Small-Cap Index Fund Institutional Plus Shares (VSCPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMEAX achieves a 14.24% return, which is significantly lower than VSCPX's 15.46% return. Over the past 10 years, SMEAX has underperformed VSCPX with an annualized return of 10.20%, while VSCPX has yielded a comparatively higher 10.96% annualized return.

SMEAX

• 1D: 2.75%
• 1M: -4.69%
• 6M: 9.45%
• YTD: 14.24%
• 1Y: 20.55%
• 3Y*: 14.00%
• 5Y*: 6.35%
• 10Y*: 10.20%
• ALL TIME*: 8.08%

VSCPX

• 1D: 0.91%
• 1M: -1.56%
• 6M: 10.37%
• YTD: 15.46%
• 1Y: 26.16%
• 3Y*: 13.96%
• 5Y*: 7.50%
• 10Y*: 10.96%
• ALL TIME*: 11.06%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SMEAX Invesco Small Cap Equity Fund Class A	$0.00	$0.00	$0.00
VSCPX Vanguard Small-Cap Index Fund Institutional Plus Shares	$0.00	$0.00	$0.00

SMEAX vs. VSCPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMEAX Invesco Small Cap Equity Fund Class A	14.24%	7.84%	17.80%	15.95%	-20.62%	19.62%	27.25%	26.05%	-15.42%	13.59%
VSCPX Vanguard Small-Cap Index Fund Institutional Plus Shares	15.46%	8.86%	12.98%	19.52%	-17.59%	17.75%	19.09%	27.40%	-9.31%	16.27%

Correlation

The correlation between SMEAX and VSCPX is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.97
Correlation (All Time) Calculated using the full available price history since Dec 13, 2010	0.97

The correlation between SMEAX and VSCPX has been stable across timeframes, ranging from 0.90 to 0.97 - a consistent structural relationship.

Return for Risk

SMEAX vs. VSCPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SMEAX

SMEAX Risk / Return Rank: 26
SMEAX Sharpe Ratio Rank: 22
SMEAX Sortino Ratio Rank: 24
SMEAX Omega Ratio Rank: 23
SMEAX Calmar Ratio Rank: 29
SMEAX Martin Ratio Rank: 30

VSCPX

VSCPX Risk / Return Rank: 65
VSCPX Sharpe Ratio Rank: 57
VSCPX Sortino Ratio Rank: 59
VSCPX Omega Ratio Rank: 53
VSCPX Calmar Ratio Rank: 79
VSCPX Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SMEAX vs. VSCPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Small Cap Equity Fund Class A (SMEAX) and Vanguard Small-Cap Index Fund Institutional Plus Shares (VSCPX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SMEAX	VSCPX	Difference
Sharpe ratio: Return per unit of total volatility	0.79	1.40	-0.60
Sortino ratio: Return per unit of downside risk	1.25	2.05	-0.80
Omega ratio: Gain probability vs. loss probability	1.15	1.25	-0.10
Calmar ratio: Return relative to maximum drawdown	1.32	2.57	-1.25
Martin ratio: Return relative to average drawdown	4.33	9.41	-5.08

SMEAX vs. VSCPX - Sharpe Ratio Comparison

The current SMEAX Sharpe Ratio is 0.79, which is lower than the VSCPX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of SMEAX and VSCPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SMEAX vs. VSCPX - Drawdown Comparison

The maximum SMEAX drawdown since its inception was -56.69%, which is greater than VSCPX's maximum drawdown of -41.81%. Use the drawdown chart below to compare losses from any high point for SMEAX and VSCPX.

Drawdown Indicators

	SMEAX	VSCPX	Difference
Max Drawdown Largest peak-to-trough decline	-56.69%	-41.81%	-14.88%
Max Drawdown (1Y) Largest decline over 1 year	-13.43%	-8.97%	-4.46%
Max Drawdown (3Y) Largest decline over 3 years	-24.61%	-25.25%	+0.64%
Max Drawdown (5Y) Largest decline over 5 years	-31.42%	-28.13%	-3.29%
Max Drawdown (10Y) Largest decline over 10 years	-45.01%	-41.81%	-3.20%
Current Drawdown Current decline from peak	-9.02%	-2.35%	-6.67%
Average Drawdown Average peak-to-trough decline	-10.37%	-6.44%	-3.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	2.45%	+1.63%

Volatility

SMEAX vs. VSCPX - Volatility Comparison

Invesco Small Cap Equity Fund Class A (SMEAX) has a higher volatility of 7.22% compared to Vanguard Small-Cap Index Fund Institutional Plus Shares (VSCPX) at 3.31%. This indicates that SMEAX's price experiences larger fluctuations and is considered to be riskier than VSCPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMEAX	VSCPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.22%	3.31%	+3.91%
Volatility (6M) Calculated over the trailing 6-month period	18.17%	11.97%	+6.20%
Volatility (1Y) Calculated over the trailing 1-year period	22.29%	16.47%	+5.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.92%	20.67%	+1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.21%	21.52%	+1.69%

SMEAX vs. VSCPX - Expense Ratio Comparison

SMEAX has a 1.22% expense ratio, which is higher than VSCPX's 0.03% expense ratio.

Dividends

SMEAX vs. VSCPX - Dividend Comparison

SMEAX's dividend yield for the trailing twelve months is around 8.18%, more than VSCPX's 1.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMEAX Invesco Small Cap Equity Fund Class A	8.18%	9.34%	8.09%	0.40%	2.95%	19.02%	6.03%	11.18%	18.53%	5.38%	5.38%	6.51%
VSCPX Vanguard Small-Cap Index Fund Institutional Plus Shares	1.23%	1.35%	1.32%	1.56%	1.56%	1.26%	1.16%	1.41%	1.69%	1.37%	1.52%	1.51%

Frequently Asked Questions

Can I hold both SMEAX and VSCPX in my portfolio?

With a correlation of 0.90, SMEAX and VSCPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SMEAX or VSCPX?

SMEAX has higher volatility (7.22%) compared to VSCPX (3.31%). In terms of maximum drawdown, SMEAX dropped -56.69% vs VSCPX's -41.81%.

Which has better risk-adjusted returns?

VSCPX currently has the higher Sharpe Ratio (1.40 vs 0.79), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.